A close 2020 election may dampen prospects for some of the more ambitious tax changes proposed by former Vice President Joe Biden, who was declared the winner of the presidential race over the weekend by several news outlets. The situation is still uncertain, however, with President Trump filing lawsuits challenging the vote count in several states and refusing to concede the election at this time.
Topics: election year, IRS, Taxes, Election, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan
As the 2020 presidential election approaches, many are looking ahead to how tax rates will be shaped by the next administration. President Trump and former Vice President Joe Biden hold strikingly different views on tax law, with planned changes to the current law expressed by both candidates.
Topics: IRS, Taxes, Donald Trump, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan, capital gains
President Trump took unprecedented action over the past weekend signing four executive orders related to the ongoing coronavirus pandemic. These orders include a payroll tax deferral, a temporary increase in unemployment benefits, a statement on reducing evictions, and a continuance of the pause for student loan payments and student loan interest. Several members of Congress have questioned the legal basis for certain of the executive orders, with the exception of the student loan moratorium. It is unclear whether or when Congress may bring a legal challenge to certain of the executive orders. In any case, various federal agencies must implement the executive orders before they can become effective.
Topics: IRS, payroll taxes, Taxes, Trump, COVID19, Coronavirus
On August 8, President Donald Trump signed four Executive Orders, one of which addresses a federal payroll tax holiday that he has sought to have included in any new coronavirus pandemic relief legislation. The President’s order is in response to the absence of movement by Congress on an additional stimulus package. The new order defers the withholding, deposit and payment of the employee’s share of federal OASDI (Social Security) payroll taxes (6.2%) from Sept. 1, 2020 through Dec. 31, 2020, on wages of employees whose annualized income is “generally” less than $100,000. While some have questioned President Trump’s legal authority to take this action, employers are placed in a precarious and potentially costly situation regardless of the legal outcome.
Topics: IRS, payroll taxes, Taxes, Trump, COVID19, Coronavirus
Changes have been made to the Paycheck Protection Program (PPP) to give loan recipients more leeway to qualify for loan forgiveness. President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law after the House and Senate passed it last week.
In addition to providing more breathing room for the loan forgiveness requirements, the PPPFA increases the minimum loan maturity date to five years for PPP loan balances not forgiven. The following takes a deeper dive into what the PPP loan forgiveness requirement now looks like.
Topics: Donald Trump, Trump, CARES Act, PPP, payment protection plan, SBA, Small Business Administration, PPPFA, payment protection plan flexibility act, loan forgiveness
How much economic growth will tax cuts create? The President’s outline of his tax proposals is based on the premise that tax cuts pay for themselves by stimulating the economy to create additional and offsetting tax revenues. There are varying ways to project the effect of tax policy on economic growth and tax revenue; the most popular method is called dynamic scoring. To bring dynamic scoring into focus, it is necessary to understand what it is, how it is calculated, and why it matters.
Topics: Donald Trump, Trump, Tax Plan, Trump Tax Plan
In less than 250 words, the Trump Administration outlined a tax reform plan on April 26. “This is going to be the biggest tax cut and the largest tax reform in the history of our country and we are committed to seeing this through,” said Treasury Secretary Steve Mnuchin.
The outline includes changes to decrease the tax rates for individuals and businesses. It also calls for the repeal of the individual alternative minimum tax (AMT), the net investment income tax (NIIT), and the estate tax. Other than eliminating certain deductions, the proposal did not include any definitive measures for increasing revenue to offset the cuts. The plan also did not address non-tax matters, such as infrastructure spending or construction of a border wall.
Topics: Donald Trump, Trump, Tax Plan, Trump Tax Plan
Taxes may not be in the forefront of the public mind in the aftermath of the 2016 presidential election, but the outcome of November 8, 2016 could have a significant effect on taxes as we know them.
Newly elected president Donald Trump spoke about his tax plan throughout his campaign. Now that he’ll be taking the Oval Office, he has a chance to make his plans a reality. Here are 10 key provisions from Trump’s campaign tax plan that he endorses:
Topics: Taxes, Donald Trump, Corporate Taxes, Trump, POTUS, Indivdual Taxes
